Korean Yard

Shipbuilding – China Stuggles to Keep Pace with Korean Yards

Shipyards in Korea took market share from Chinese yards in 2011 South Korean yards took market share from Chinese yards in 2011 according to a recent report in the Danish Ship Finance Review. South Korea secured new orders of 13.5 million cgt Korean yards secured almost half of the contracted capacity (13.5 million cgt). Container and Tanker orders accounted for 85% (6 million cgt and 5 million cgt respectively). South Korea therefore maintains the position as the leading global builder of Containers and Tankers. But South Korean yards also added to their market position in the specialized tonnages. For example, orders of 1 million cgt were placed for Drillships in 2011. European owners signed 60% of the orders placed in South Korea during 2011. The order cover dropped on average 14% to 28 months in 2011. Chinese yards struggled to keep pace with their South Korean peers. In 2011, Chinese yards received new orders of 9.5 million cgt (19.5 million cgt in 2010) – primarily Dry Bulk tonnage, which accounts for 60% of the Chinese orderbook. Two thirds of all new orders were placed on behalf of Chinese or European owners. The order cover of Chinese yards dropped, on average, 17% to 28 months in 2011.  

EU Blames South Korean Yards For Low Prices

The European Union on Wednesday blamed low prices offered by South Korean shipyards for the depression in the world shipbuilding market and accused Korea of pricing ships at below cost. A report by the EU's executive Commission found the world shipbuilding market continued to face serious difficulties. "Supply still outstrips demand and there are few indications that this situation may improve," the Commission said

Orders at South Korean Yards Down 36.9 Percent

South Korean shipyards won shipbuilding orders of 4.2 million compensated gross tons (CGTs) during the first half of this year, down 36.9 percent from a year ago, the Commerce Ministry said on Wednesday. The orders in dollar terms amounted to $6.8 billion in the period, down 25.4 percent from the previous year, the ministry said in a statement. CGT shows a country's shipbuilding capacity and factors in manpower and added value.

Trade Officials To Discuss Korean Shipbuilding Disputes

European Union and South Korean trade officials will meet next week in Seoul to resolve a dispute over alleged shipbuilding subsidies by Korean yards. "Working-level officials from the EU and Korea will discuss the hottest trade issue between the two parties from May 28-30 in Seoul," said Seoul's Commerce Ministry in a statement. Earlier in the month, European Trade Commissioner Pascal Lamy met South Korean Commerce Minister Hwang Doo-Yun to discuss the EU executive's threat to start a

Tsakos Energy Expands Presence in LNG Sector

Athens, Greece – Tsakos Energy Navigation Limited  announced the order of one plus one state-of –the–art LNG carrier for delivery in the first quarter of 2015 at a major South Korean yard. The vessel is of the new tri-fuel design, enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas, offering attractive alternatives to charterers. Discussions for long-term contracts have begun

Korean Shipbuilders Order Martek Marine Monitoring Systems

UK's  Martek Marine wins large orders for its MariNOx Evolution™ on-board emissions monitoring and engine efficiency system. The orders, amounting to more than US$1-million, are from Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries. Amongst the seven orders is the world’s largest and most complicated emissions monitoring system ever to measure SOx, NOx, CO2, CH4, NO2, THC, H2S, Benzene and N20.

Korean Shipyards Hold Lead in Market

Yonhap reported that South Korean shipyards have unparalleled competitiveness despite recent challenges posed by Chinese shipyards, industry and government sources said. The optimistic predictions come as alarm bells have been sounded over Chinese yards outpacing domestic companies in shipbuilding orders received in the first two months of this year. Such developments have caused some in China to boast that it can become the world's number one shipbuilding country by 2015.

STX Shipbuilding Gains on Stake Purchase in Aker Yards

STX Shipbuilding Co., the first South Korean yard in China, had its biggest two-day gain in more than a week in Seoul on optimism the purchase of a stake in Norway's Aker Yards ASA will add cruise liners to its range of vessels. STX Shipbuilding has more than quadrupled this year, making it the fourth-best performer in South Korea's Kospi 200 index. The stake purchase in Aker Yards will allow STX Shipbuilding to use the Norwegian company's expertise in cruise liners

Lloyd’s Register Significant Year in China, Korea

Lloyd's Register’s teams in China and Korea have established a strong position in terms of ships ordered in 2010 which will be built to Lloyd’s Register class. Lloyd’s Register’s share of 2010 orders is, respectively, 29.6% in China and 28.3% in Korea.* While orders are from traditional areas of strength such as Greece, the continued expansion of shipowning in Asia is also driving demand.  

LNG Carrier Trade & Safety – ABS Seminars

Classification society ABS held series of LNG carrier seminars on design & safety in Athens, Doha & Limassol ABS, provider of classification services to the global offshore industry, has delivered a series of seminar  addressing developments in the construction and design of liquefied gas carriers. Events were held in Doha, Qatar; Athens, Greece; and Limassol, Cyprus. “As liquefied natural gas (LNG) becomes a more attractive fuel for power generation